(Updated with Wynn and Harrah's quarterly results and stock prices.)
LAS VEGAS (TheStreet) -- Casino operators are on a losing streak, as both Wynn Resorts (WYNN) and Boyd Gaming (BYD) have today reported yet another quarter of falling profit, sending shares of the companies tumbling.
Wynn saw its third-quarter earnings tank 33% to $34.2 million, or 28 cents a share, compared with $51.2 million, or 49 cents, in the year-ago period.
|Casinos are struggling as consumers stay away from the slots.|
The company did, however, managed expectations well; excluding property charges and other items, the company earned 33 cents a share, far surpassing analysts' estimates of 15 cents.Revenue inched up to $773 million from $769 million last year. But this is still Wynn's fourth consecutive quarter of falling profit. Similarly, Boyd is on a two-year losing streak, as its profit tumbled nearly 26% in the third quarter -- the eighth consecutive quarter in which the casino operator has reported a profit decline. During the quarter, the company earned $6.3 million, or 7 cents a share, compared with $8.7 million, or 10 cents, in the year-ago period.
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